Former Nigerian Central Bank Governor Sanusi Lamido Sanusi Says He Was Wrong to Block Telecom Firms from Financial Services

In Abuja, Nigeria, former Central Bank Governor Sanusi Lamido Sanusi, now Emir of Kano, admitted he was wrong to have delayed telecommunications companies' entry into Nigeria's financial services. Speaking at the inauguration of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report, he said his decision was influenced by concerns over depositor safety after a banking crisis. He acknowledged that subsequent growth in fintechs and mobile services showed telcos could have accelerated financial inclusion. He urged regulators to use transaction data to create savings, insurance, and pension products, and stressed the importance of financial literacy.